Regulation Impact Statements are required for any new federal regulation or a proposed change to an existing regulation that will directly affect business, restrict competition or substantially alter existing arrangements.
The Regulation Impact Statement (RIS) must:
- Provide an analysis of the problem the regulation is designed to address;
- State the objectives of the regulation and the options for meeting the objectives;
- Assess environmental, health and other non-monetary outcomes of regulatory proposals; and
- Analyse the impact of the costs and benefits of each option on:
- consumers;
- business;
- government; and
- the community.
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